Crypto investigator ZachXBT claims a British hacker, active in past crimes, is implicated in a $243 million Bitcoin theft from a Genesis creditor in 2024.
The incident underscores increasing cybercrime sophistication and highlights vulnerabilities in cryptocurrency security, prompting concerns over law enforcement’s ability to address high-value crypto thefts effectively.
ZachXBT Links Actor to $243 Million BTC Theft
Crypto sleuth ZachXBT publicly claimed a British actor’s link to the 2024 Genesis creditor theft. The incident involved around 4,100 BTC, valued at roughly $243 million. Publicly available data suggest potential legal jeopardy for the actor.
The investigation by ZachXBT points to a coordinated social-engineering attack on a high-value victim. This attack included phishing and wallet activity, tracing cryptocurrency through various exchanges. Arrests in the U.S. have been noted.
Stolen Crypto Spread Across Multiple Exchanges
The theft involved converting and spreading funds via multiple exchanges, affecting numerous currencies. Public data don’t indicate a direct impact on BTC or ETH values, but affected exchanges may face regulatory scrutiny.
Experts highlight the need for increased security amid growing crypto exploits. Concerns focus on bolstering defenses against social-engineering and SIM-swapping tactics. Law enforcement continues investigations to reclaim any improperly appropriated funds.
Kroll SIM-Swap Tactics Resurface in Genesis Case
Similar cases, such as the 2023 Kroll SIM-swap, have evidenced identical tactics and outcomes. These incidents reiterate vulnerabilities in centralized data systems and precede significant financial losses in the crypto sector.
Experts from Kanalcoin note that while theft repercussions are limited in market scope, they stress the importance of security protocols. Improved coordination could aid in preventing future large-scale crypto thefts.
The attackers used social-engineering tactics, impersonating support from major platforms to gain access.” – ZachXBT, On-chain Investigator, Independent
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